Running a going concern requires that the owner keeps an eye on the business continually and often at the detriment to the individual(s) at the helm. Daily operations can interfere with designing a plan to someday leave it all behind and still pocket a monetary reward on the way into the sunset. Most often, the […]
Archive | January, 2012
What is Like-Kind Property?
By John Hamrick on January 3, 2012 in Section 1031 Basics
Myth Busted: “Like-kind” means ANY real property can be Exchanged for ANY real property. Don’t get caught with the assumption that land can’t be exchanged for an apartment building. The term Like-Kind appears in the Internal Revenue Code (IRC) in connection with Section 1031 Tax Deferred Exchanges and also in connection with Section 1033, Involuntary […]